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A fixed-rate loan that is secured by the equity in your home. It is sometimes called a home equity loan. It enables you to use the existing equity in your home to receive a lump sum amount after closing.
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Overview
Why get your 2nd Mortgage from HFS?
Consolidate high-interest debt, remodel your home, pay off medical expenses, pay for college and more! A second mortgage allows you to painlessly access money in the equity of your home when you need it. You may be able to even deduct the interest on your taxes.2
- Competitive fixed interest rates
- Terms up to 15 years
- Borrow up to 80% of the appraised value of the home minus the first mortgage balance
- Low closing costs
- No prepayment penalties
Additional Info
Get one-on-one help today by contacting the Credit Union and asking for a Loan Officer.
View a list of our Mortgage Loan Originators.
Download the Mortgage Packet to get started.
1 APR= Annual Percentage Rate is based on a maximum of 80% loan to value and includes a $200.00 document preparation fee. Member is responsible for all expenses incurred to secure the loan. APR does not include prepaid interest. Maximum loan amount of $822,375. Subject to credit approval.
2Consult your tax advisor.SAFE Act Information
On July 28, 2010 the Nation Credit Union Administration (NCUA) and other Federal Agencies published a final rule to implement the federal registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). The registration requirements apply to all employees acting in the capacity of a Mortgage Loan Originator (MLO). The S.A.F.E. Act requires all MLOs to register with the Nationwide Mortgage Licensing System and Registry (NMLS). Upon completing this registration, each MLO is provided with a Unique Identifier number from the NMLS. An MLO must provide this Unique Identifier number to each mortgage loan applicant upon request and prior to the employee acting as an MLO.
Membership with the Credit Union is required and open to all who live, work, worship, attend school, volunteer or participate in associations headquartered on the island of Hawaii. A minimum opening balance of $50.00 is required to open a Savings Account.
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Reviews
2nd Mortgages Reviews
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Rates & Fees
Rates Effective as of: 04-01-2023
2nd Mortgage Rates
Term Interest Rate Points APR Monthly Principal & Interest Payment Up to 180 months 7.550% 0.000% 7.550% $935.79 per $100,000.00 borrowed 1 APR= Annual Percentage Rate is based on a maximum of 80% loan to value and includes a $200.00 document preparation fee. Member is responsible for all expenses incurred to secure the loan. APR does not include prepaid interest. Maximum loan amount of $822,375. Subject to credit approval.
Membership with the Credit Union is required and open to all who live, work, worship, attend school, volunteer or participate in associations headquartered on the island of Hawaii. A minimum opening balance of $50.00 is required to open a Savings Account.
Additional Info
Member will be responsible for all expenses incurred to secure the loan. This includes an initial deposit of $800.00 to defray expenses for:
- Appraisal fee(s)
- Residential Mortgage Credit Report(s)
- Inspection fee(s)
- Flood Certification fee(s)
- Other incidental expenses that may be incurred to secure the loan.
Note: Member will pay before final closing, any outstanding expenses exceeding the $800.00 deposit. Member will be refunded any balance of the $800.00 initial deposit at first disbursement, or any balance can be applied to escrow costs.
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Calculator
Calculator
Calculate your monthly payments or see how much you can afford.
2nd Mortgage Calculator
The Calculator Tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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FAQ
Frequently Asked Questions
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What is the process like if I wanted to proceed with a 2nd Mortgage and what kind of documents do I need to submit?
Visit your nearest HFS office and request a mortgage packet or download the documents here. The packet contains the information and documents you’ll need to get started. If you have further questions, please call the Credit Union at (808) 930-1400 or set up an appointment with a Loan Officer.
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Does my home need to be owner-occupied to qualify?
Yes, this is a requirement for all HFS Mortgages.
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Do all of the borrowers on the mortgage need to be members?
Yes. Both borrowers must have their own account with HFS where they are the primary account holder. For example, a joint member on an account would need to open their own account where they are the primary member.
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What if I want to apply for a mortgage with my Trust Account?
Due to the nature of Trust Accounts, these loans will need to be reviewed by legal counsel. Please note that these loans have a lengthier processing time.
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What is the process like if I wanted to proceed with a 2nd Mortgage and what kind of documents do I need to submit?
Questions?
Drop us a message anytime with your questions about 2nd Mortgages.
